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Government And The Economy 2
Test Description: Government and the Economy 2
Instructions: Answer all questions to get your test result.
1) What might the government do to pull the U.S. economy out of a recession (an economic slowdown)?
A
Increase government spending, which will increase demand and production.
B
Increase government borrowing, which will reduce funds available for individuals and businesses.
C
Raise taxes so individuals and businesses have less money available to spend.
D
Decrease government spending, which will reduce demand and slow the economy.
2) The tax collected on one’s earnings from a job is called the _______ tax.
A
sales
B
income
C
real estate
D
sapital gains
3) A tax increase tends to ___________ the overall economy, by reducing the amount of money available for spending by individuals and business.
A
bring up
B
boost
C
slow
D
increase
4) The Federal Reserve System is also known as
A
the FDR.
B
the SRF.
C
the FRS.
D
the FED.
5) The Federal Reserve System is mainly responsible for regulating the nation’s
A
debt.
B
money supply.
C
budget.
D
taxes.
6) Julia purchased a new outfit at a local department store, but the store never received the payment. Julia most likely paid with-
A
A Federal Reserve note
B
coins
C
currency
D
a check
7) United States currency is created by -
A
banks
B
the government
C
the Stock Market
D
businesses
8) Why does the government set guidelines for producing goods and services?
A
To decrease the prices of products
B
To allow businesses to operate freely
C
To protect the health and safety of consumers
D
To increase the prices of products
9) What is an agreement between two or more people called?
A
Security
B
Compromise
C
Contract
D
Discount
10) Private property is protected by what?
A
Federal Trade Commission
B
Enforceable Contracts
C
Security Exchange Commission
D
Federal Reserve
*select an answer for all questions
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